KwikBizLite NewsLetter from SYSNET ASSOCIATES (INDIA) PRIVATE LIMITED. Issue No: 004 Dated: 1st August 2008

KwikBizLite - A Micro ERP Product for Emerging Enterprises.

In this issue we will discuss about the 'Item Balance' profile.
In KwikBizLite, the 'Item Balance' profile holds the Opening Stock Quantity & Value and Closing Stock Quantity & Value for each Item. It also contains the consolidated figures for Items/Products Purchased, Produced, Sold, etc. The information for an Item is stored for each Accounting Year separately. The Item Stock Statement & Item Stock Ledger statement are generated from this profile. This profile gets updated from the various other profiles. Business Software Solutions
Editor: Mr. M.V. Santhanam

KwikBizLite is a complete Business information system, for any SMB company. It handles key business operations.

KwikBizLite - Business Matters

Purchase Order screen in KwikBizLite. Important elements in this profile:
Item Name: Name of the Item. Based on the Category type selected, a list of Item names gets listed. The list of Item names is referred from the Item Master profile.
UOM: The Unit of Measurement for the Item, this is based on the Item Name selected.
Opening Stock Qty: The Stock Quantity at the beginning of a given period. This is updated from 'Item YearEnd' profile.
Closing Stock Qty: The current Closing Stock quantity of the Item. This is updated from various other profiles.
Purchased Qty: The total quantity of the Item purchased during the Accounting Year.
Produced Qty: The total quantity of the Item Produced during the Accounting Year.
Sales Qty: The total quantity of the Item sold during the Accounting Year.
Issued Qty: The total quantity of the Item issued for production during the Accounting Year.
Sales Return Qty: The total quantity of the Item returned from the customer during the Accounting Year.
Issue Return Qty: The total quantity of the Item returned to the stores from the production units.
Opening Stock Value: The Stock Value at the beginning of a given period. This is updated from 'Item YearEnd' profile.
Closing Stock Value: The current Closing Stock Value of the Item. This is updated from various other profiles.
Avg Cost: The average cost of the Item.
ReOrder Level: The minimum quantity of stock that has to be maintained. This quantity is manually entered.
Purchase Price: The current purchase price of the Item.
Selling Price: The current selling price of the Item.

and many more..

Q & A : Your Questions are answered by KwikBizLite Experts, below.

Question 1: Why should the Customer's name be entered in the 'Account Head' profile?
Answer: This is required to maintain the Debtors Ledger. After you have entered a new Customer's data in the 'Customer' profile, you need to make an entry in the 'Account Head' profile. KwikBizLite will auto update the Customer's Account on creating a non-cash type of Invoice only if the 'Account Head' & 'Ledger Balance' profiles has an entry for that Customer. Please note that Customer's Name in both the 'Customer' and 'Account Head' profile should be the same.

Question 2: Can new Account Schedule be included?
Answer: KwikBizLite has some standard Schedules as default, you can create new Schedule in the 'Account Schedule' profile.

Question 3: How do we post the voucher entries to the General Ledger?
Answer: In KwikBizLite all General Ledger Accounts are immediately updated on saving a voucher entry. The Trial Balance, P&L, Balance Sheet and Ledger statements can be printed any time.

Question 4: While entering Cash Voucher entry, I got the message 'Transaction for this voucher is incomplete!...". Why?
Answer: The Debit and Credit amounts of a voucher has to tally always. The message is to alert you that you the Debit & Credit amount of the voucher does not tally. You will not get this message if the Debit & Credit amounts are OK.

Question 5: Is FBT applicable to all companies?
Answer: As per the Income Tax Act FBT applies to all companies. For more details on IT Act check with you Chartered Accountant.

Thanks for reading the newsletter. Please do write to us at info@SysnetIndia.com, with your queries. We'll return with much more soon, in the next NewsLetter. Cheers!
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